The company got the green light for the remittance service from the central bank on Tuesday, Feb. 7, just ahead of its official launch of ‘MPay’ later that evening.
GraceKennedy Money Services says it eventually wants to expand its mobile money services beyond Jamaica to other Caribbean markets. GKMS operates in 11 regional markets.
“It’s a game changer, an absolute game changer,” said Michael McNaughton, vice-president for business development.
“As it turned out, we found that two separate departments were looking on the different sides of this product and the remittance aspect could not have come at a better time,” McNaughton said, regarding the approvals from the central bank.
GKMS said in its press release that it wants to use MPay “to help transform money movement via its new electronic platform, starting first in Jamaica.”